After cutting back during the past two years, Goldman Sachs, JPMorgan Chase and other banks have been cautious about hiring this year. But they are stepping up recruitment as credit spreads narrow and stock markets surge. "Back in March and April, no one really knew if the investment-banking business was going to exist again," said David McCormack, managing director of Sheffield Haworth. "The world has changed dramatically in the last four to five months, and now banks are hiring."

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